Stock Market Capitalisation At New High

Mumbai:With three new listings and overall gains in the market, BSE's market capitalisation touched a new all time high of over Rs 470.47 lakh crore or USD 5.61 trillion.

Bullish market sentiments aided Bajaj Housing Finance stellar debut on bourses at over 114 per cent premium at Rs 150 as against public issue price of Rs 70 per equity share. The shares of the housing finance company closed at Rs164.99 on BSE with a gain of 135.70 per cent.Bajaj Housing Finance market capitalisation at market close stood at over Rs 1.37 lakh crore.

Two other public issues of Kross and Tolins Tyre made positive debut on the bourses with humble gains of 8.13 per cent and 5.44 per cent respectively.

The Sensex and Nifty-50 also made new all time highs in a range bound trading session ahead of the crucial US Federal Reserve meeting on Sept.17-18.

The Sensex closed at 82,988 gaining 97.84 points or 0.12 per cent after touching a fresh all time high of 83,184.34 intraday. The Nifty-50 closed at 25,383.75 up 27.25 points or 0.11 per cent after making a new all time high of 25,445.70 intra-day.

Domestic institutions were net buyers of equities worth Rs 754.09 crore while foreign portfolio investors booked profit worth Rs1634.98 crore.

In the broader market BSE Small-cap index gained 0.28 per cent while BSE Mid-cap index gained just 0.01 per cent.Sectoral indices closed mixed with BSE Power index up 1.9 per cent, Bankex(0.49 per cent) and Realty(0.52 per cent) while losers included BSE IT(-0.16 per cent), FMCG(-0.51 per cent).

"Hopes of a rate cut by the US Fed this Wednesday and foreign investors buying in the last few sessions have kept the overall momentum positive.This week, global central banks would be in headlines as the rate cut cycle is likely to begin. The European Central Bank last week has already lowered its policy rate by 25 basis points to 3.50 per cent, following up on a similar cut in June. The US Fed will announce their interest rate decision on Wednesday where it is widely expected to lower the rates by at least 25 bps. Some of the other large central banks in the UK, Japan and China are also scheduled to meet during the week. Beginning of the rate cut cycle is likely to be beneficial for emerging markets and could keep the overall trend positive for the domestic market," said Siddhartha Khemka, head - Research, MOFSL.